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Standard Chartered today announced its new Bitcoin price prediction, arguing that a supply shock will see the world’s biggest cryptocurrency surge to as high as $120,000 by the end of next year.
Standard Chartered Raises Initial Bitcoin Price Prediction
Standard Chartered’s previous BTC price prediction came out earlier this year, in April when the bank assessed that the crypto winter was over.
At the time, the company said that it expects BTC to hit $100,000 by the end of 2024. However, Geoff Kendrick, one of its top forex analysts, said that there was now a 20% upside to the previous call.
According to his report, Kendrick said,
Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher.
The fact remains that the Bitcoin price is near-impossible to predict accurately, especially in the long term.
However, with major financial institutions like Standard Chartered making optimistic predictions for 2024, it is clear that institutional investors are interested in the upcoming bull run.
Bitcoin Holding Firm at $30,000
Bitcoin has been the talk of the crypto sector for almost a full month now, ever since BlackRock filed for a Bitcoin spot ETF last month. The coin started seeing a series of surges that brought it back up above $30,000 per coin.
Unfortunately, BTC was unable to breach a resistance at $31k. While it did venture beyond this level a few times in the last month, neither of those was permanent, and the price would always correct before establishing itself above the $31k level.
However, the next year will see Bitcoin’s fourth halving — an event that happens each time when Bitcoin miners create 210,000 blocks.
After each halving, Bitcoin sees a short period of correction, after which its price usually blows up and typically reaches new heights. After the 2016 halving, BTC climbed to $20k. After the next one, it reached $69k per coin.
Now, the fourth halving is coming, and Standard Chartered expects that the coin will surge further than ever before and reach $120k by the end of 2024.
The bank expects BTC to recover significantly by the end of 2023. According to its prediction, BTC could reach $50,000 by the end of the year and continue that surge in 2024.
It also noted that the expected jump in the coin’s price could encourage miners to hoard their rewards instead of taking them to exchanges. This would reduce the supply, thus allowing BTC to recover to $50k.
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